本报记者 梁傲男 2月12日，百威亚太控股有限公司（以下简称"百威亚太"）发布2025年财报。财报显示，该公司2025年收入57.64亿美元， 同比减少6.1%；公司股权持有人应占溢利4.89亿美元，同比减少32.6%；总销量796.58万千升，同比下降6.08%。 分地区来看，2025年，百威亚太在亚太地区西部市场销量及收入分别同比下降6.7%及8.2%，每百升收入同比下降1.5%；亚 太地区东部销量同比下降3.7%，收入及每百升收入同比增加1.3%及2.5%。 而2025全年，百威亚太在中国市场的销量及收入分别同比减少8.6%及11.3%，每百升收入同比减少3.0%，财报将此归因 于"增加了对扩大非即饮业务的投资"。 中国酒文化品牌研究院智库专家蔡学飞对《证券日报》记者分析称："按照目前的啤酒趋势与竞争态势，百威亚太正处在 一个'战略换挡'的阵痛期。财报中提到中国区'加大对渠道及产品组合扩张的投资'带来了'额外的获利压力'，说明管理层正在主 动用利润换市场、换未来产品结构。这也反映出，过去驱动百威增长的高端化叙事，正遭遇国产品牌升级的挤压。" 据了解，这是程衍俊自2025年4月份"掌舵"百威亚太以来的首份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 茲提述招股章程及本公司日期為2023年9月29日的公告（「公告」）中「關連交 易－不獲豁免持續關連交易」及「關連交易－獲全面豁免持續關連交易」章節， 內容有關（其中包括）本公司與百威集團訂立的進口框架協議之修訂及其項下擬 授出之ABI進口許可。除另有指明外，本公告所用詞彙與招股章程所界定者具 有相同涵義。 設定ABI進口許可之新年度上限 根據上市規則第14A.53條，董事（包括獨立非執行董事，惟不包括放棄投票的董 事）已同意根據ABI進口許可將截至2026年及2027年12月31日止年度就將應付 百威集團的銷售最高費用總額的新年度上限分別設定為220百萬美元及253百萬 美元。 1 1. 設定ABI進口許可之新年度上限 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 持續關連交易 設定ABI進口許 ...

Market Overview - The Hong Kong stock market declined today, influenced by technology stocks, with the Hang Seng Index stopping its three-day rise and barely holding above the 27,000 mark. The index closed down 0.86% or 233.84 points at 27,032.54, with a total turnover of HKD 238.7 billion. The Hang Seng China Enterprises Index fell 1% to 9,175.18, and the Hang Seng Tech Index dropped 1.65% to 5,408.98 [1] Blue Chip Performance - Zijin Mining (601899) (02899) led blue-chip gains, rising 3.45% to HKD 45.02 with a turnover of HKD 4.993 billion, contributing 14.47 points to the Hang Seng Index. Citigroup raised its target price for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales. The target price for Zijin's H-shares was raised from HKD 39 to HKD 51.8, a 32.8% increase [2] - Other notable blue-chip movements included WuXi AppTec (603259) (02359) up 2.91% to HKD 127.5, contributing 2.69 points; Sun Hung Kai Properties (00016) up 2.85% to HKD 133.5, contributing 8.63 points; while Budweiser APAC (01876) fell 5.21% to HKD 7.83, dragging down the index by 1.42 points [2] Sector Highlights - Technology stocks dragged the market lower, with Tencent down over 2% and Alibaba nearly 1%. However, several major companies launched new models, with Zhizhu's flagship model GLM-5 seeing a price increase and its stock rising over 40% to a new high. MINIMAX also rose over 14% [3] - The chip sector saw significant gains, with domestic GPU leader Tianzuo Zhixin and storage chip leader Zhaoyi Innovation both rising over 20%. Optical communication concepts rebounded, with Yangtze Optical Fibre (601869) benefiting from rising fiber prices, increasing over 12% [4] Notable Stock Movements - Zhongyuan Shipping (600026) (01138) surged 8.61% to HKD 17.6, driven by heightened shipping rates due to geopolitical tensions and increased demand for oil transportation [8] - China National Heavy Duty Truck (000951) (03808) reached a new high, rising 5.58% to HKD 42.38, with January heavy truck exports exceeding 16,000 units, marking a historical high [9] - Rebio Biotech (06938) also performed well, increasing 5.26% to HKD 74.05 after announcing a global exclusive licensing agreement with Madrigal Pharmaceuticals for innovative siRNA therapies [9] Company-Specific News - Budweiser APAC reported a revenue of USD 5.764 billion for the year ending December 31, 2025, a decrease of 7.7% year-on-year, with net profit attributable to shareholders down 32.6% to USD 489 million. The company also reported a loss of USD 105 million in the last quarter, compared to a loss of USD 16 million in the same period last year [10]

Market Overview - The Hong Kong stock market declined today, influenced by technology stocks, with the Hang Seng Index closing down 0.86% at 27,032.54 points, marking the end of a three-day rally [1] - The Hang Seng Technology Index fell 1.65% to 5,408.98 points, indicating a weak performance in the tech sector [1] Blue-Chip Stocks Performance - Zijin Mining (02899) led blue-chip gains, rising 3.45% to HKD 45.02, contributing 14.47 points to the Hang Seng Index, following a target price increase by Citigroup of over 30% for both A-shares and H-shares [2] - WuXi AppTec (02359) and Sun Hung Kai Properties (00016) also saw gains of 2.91% and 2.85%, respectively, while Budweiser APAC (01876) and Trip.com Group (09961) faced declines of 5.21% and 3.9% [2] Sector Highlights - The technology sector faced pressure, with Tencent and Alibaba dropping over 2% and nearly 1%, respectively [3][6] - The AI model sector saw significant gains, with Zhizhu (02513) rising 28.68% and MINIMAX-WP (00100) increasing over 14% [3] - The chip sector experienced a notable rise, with Tianzhi Zhixin (09903) and Zhaoyi Innovation (03986) surging over 20% [4] Notable Company Developments - Zhizhu confirmed the launch of its new model GLM-5, which has seen a price increase of at least 30% for subscription packages, while existing subscribers will maintain their current rates [4] - Micron Technology's stock rose significantly in the U.S. market, with a target price increase to USD 450 by Morgan Stanley, reflecting strong demand driven by AI applications [5] Emerging Trends - The gas turbine sector is gaining traction due to a surge in electricity demand in North America, with companies like Harbin Electric (01133) and Dongfang Electric (01072) seeing substantial stock increases [6] - The North American electricity shortage is expected to create investment opportunities across various technologies, including gas turbines and energy storage [6] Company-Specific News - Budweiser APAC reported a revenue decline of 7.7% to USD 5.764 billion for the year ending December 31, 2025, with a significant drop in net profit by 32.6% [9] - China National Heavy Duty Truck (03808) achieved record high exports of over 16,000 heavy trucks in January, marking a 22.5% year-on-year increase in total vehicle sales for 2025 [8]

| | | | 亞太地區 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 東部 | | 西部 | | 總計 | | | | 2025年 | 2024年 | 2025年 | 2024年 | 2025年 | 2024年 | | 銷量(未經審核) | 11.811 | 11.960 | 67.847 | 72.851 | 79.658 | 84.811 | | 收入5 | 1.310 | 1.352 | 4.454 | 4.894 | 5.764 | 6.246 | | 正常化除息稅折舊攤銷前盈利 | 688 | 406 | 1.199 | 1.401 | 1.588 | 1.807 | | 正常化除息稅折舊攤鎖前盈利率% | 29.7% | 30.0% | 26.9% | 28.6% | 27.6% | 28.9% | | 折舊、攤銷及減值 | (69) | (76) | (533) | (571) | (602) | (647) | | 正常化經營溢利 | | | | | | | | (正常化除息税前盈利) | 320 | 330 | 666 | ...

来源：滚动播报 网易-S跌3.590%，海底捞跌3.603%，携程集团-S跌3.989%，美团-W跌4.502%，联想集团跌4.666%，金 蝶国际跌4.979%，百威亚太跌5.569%。 ...

具体盘面上，作为市场风向标的大型科技股全线下跌拖累市场情绪低迷，其中，美团跌4.5%，百度跌 近3%，腾讯、小米、京东、阿里巴巴皆有跌幅；内银股、中资券商股、保险股等大金融多数下跌令大 市进一步承压；临近年关本该到旺季的餐饮股、影视股却跌幅十分明显，其中九毛九跌超5%，权重股 海底捞跌超3%，同样啤酒板块跌幅较大，千亿龙头百威亚太跌超5%。 另一方面，AI应用概念股继续活跃，港股大模型"双雄"(智谱、MINIMAX-WP)暴涨均创新高！智谱涨 价助推算力基建投入，半导体芯片股午后拉升上扬，兆易创新飙涨20%，澜起科技创历史新高，内外需 驱动！港股电力设备股集体拉升，三桶油普涨，中国石油化工创历史新高。(格隆汇) 港股三大指数全天表现低迷，大市止步3连升行情。恒生科技指数一度跌至2%，最终收跌1.65%，恒生 指数跌0.86%险守27000点，国企指数跌1%。连续三个交易日的上涨势头戛然而止。 ...

本文源自：金融界AI电报 网易-S跌3.590%，海底捞跌3.603%，携程集团-S跌3.989%，美团-W跌4.502%，联想集团跌4.666%，金 蝶国际跌4.979%，百威亚太跌5.569%。 ...

里昂发布研报称，予百威亚太(01876)目标价9港元，评级"跑赢大市"。百威亚太去年第四季度业绩大致 符预期，期内有机收入同比减4%，有机常规化EBITDA同比跌25%，大致符合该行预期与市场共识。净 亏损高于预期，因税务支出高于预期。 中国市场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未 能利好，平均售价面临压力。另一方面，集团南韩与印度市场表现稳健；股息符合预期。该行认为需关 注的重点为宏观政策、居家渠道发展及行销预算。 ...

智通财经APP获悉，里昂发布研报称，予百威亚太(01876)目标价9港元，评级"跑赢大市"。百威亚太去 年第四季度业绩大致符预期，期内有机收入同比减4%，有机常规化EBITDA同比跌25%，大致符合该行 预期与市场共识。净亏损高于预期，因税务支出高于预期。 中国市场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未 能利好，平均售价面临压力。 另一方面，集团南韩与印度市场表现稳健；股息符合预期。该行认为需 关注的重点为宏观政策、居家渠道发展及行销预算。 ...